Elon Musk is restructuring Twitter, plans to lay off employees: report

California, October 30: After closing a $44 billion acquisition deal Thursday, Elon Musk has begun overhauling the microblogging platform’s policies and is wasting no time in overhauling it, cutting staff and unveiling plans to create a board that will make content decisions, The Hill reported.

​​​​​​​Despite repeatedly questioning his intentions to follow through on the deal to acquire Twitter for $44 billion, Tesla CEO Elon Musk now runs Twitter. Elon Musk says users will soon be able to choose the version of Twitter they like best after the Twitter takeover.

Regarding the content moderation policy changes, Musk tweeted that “Twitter will be forming a content moderation board with a wide variety of perspectives. No major decisions on content or account recovery will take place until this board meets.”

In one of the first changes, he reshuffled the company’s top management once he completed the expected deal that saw Twitter CEO Parag Agrawal and CFO Ned Segal leave the company’s San Francisco headquarters.

He also hinted that additional changes to the status of accounts banned under the previous administration would occur in the early days of his administration, The Hill reported. Elon Musk Takes Over Twitter; Will he become the sole face of communication for a social media company like Tesla?.

Tesla’s CEO also drew suspicion from social media users when he tweeted “Let the good times roll” shortly after he acquired the social media platform and sealed the deal.

Earlier this week, Musk arrived at Twitter HQ with a sink and documented the event on Twitter, saying: “Entering Twitter HQ – let that sink in!” and also updated his Twitter description to “Chief Twit” deal or trial.

In April, Twitter accepted Musk’s offer to buy and take the social media service private. However, Musk soon began to cast doubt on his intentions to honor the agreement, claiming that the company had failed to adequately disclose the amount of spam and fake accounts on the service.

In July, in a surprising turn of events, Elon Musk, who had long expressed interest in buying Twitter, called off the deal. Tesla’s CEO did so by claiming that Twitter violated their mutual purchase agreement by understating the amount of spam and fake bot accounts on its platform.

After Musk announced the cancellation of the deal, the market experienced a sharp drop. Twitter later sued Musk, accusing him of using the bots as an excuse to get out of the deal.

Then again, Musk confirmed last week that he would go ahead with the Twitter buyout at the originally agreed-upon price of $54.20 per share. However, the trial over the Twitter deal was stayed until October 28 by a judge overseeing the dispute.

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